While this guide helps you understand what it is, it is not a substitute for a lawyer`s advice. Changing your business name can have legal implications, so it`s best to speak to a licensed business lawyer before taking any action. Business owners and other authorized individuals can file a name change for their business. The specific measures required may vary depending on the type of business. If the EIN has recently been assigned and liability has not yet been established, send business name change requests to the IRS address where you submit your return. For all types of businesses, with the exception of a sole proprietorship, you must first notify your state in accordance with the procedure established by your state`s Secretary of State. Sole proprietorships don`t have to file with a state, but you still need to notify your state`s tax unit of the new name in order to get the state tax return. Can I change Doctors Laboratories Inc to Charlotte Laboratories Inc in California? NOTE: There is a big “chicken or egg” issue in the US regarding name change with the Internal Revenue Service (IRS) and also the government agency where the company was registered (usually state or county), so you should check this checklist carefully to avoid some of the landmines. that we met.
The main problem is that while the IRS requires proof of your company`s name change in order to update its records, it takes about 60 days to process that change, so your business name has been changed at the state or county level, but not at the federal level. This could cause problems with taxes and some suppliers, but most of the time it can be avoided with careful planning. Once members and shareholders have approved the name change, it`s time to notify the state and contact the IRS. Let`s break down what incorporated companies and LLCs should know about these notifications. Once you`ve decided to take the plunge and change your business name, follow these steps to guide you through the process. If you already know the new name, go to the checklist to change the company name. Keep in mind that rebranding is more than just a name, you need to consider the perception, colors, values, and more that your business wants to present to your ideal customer. Sometimes a business name just doesn`t work: you thought the smart nickname you chose would really represent your brand, but customers didn`t make the connection. Or maybe you used your own name in the company title and now want to change it to reflect a larger, more corporate brand.
Let`s say you`re happy with your legal business name. However, you`ll want to operate under a different trade name that you think represents a subset of your business more accurately. In this case, you would not have to request an official name change. Instead, you may want to consider submitting a Doing Business As (DBA) name. Now that you have a few names in mind, consider updating the company`s colors, logo, and slogan (in our opinion, it`s easier to do everything at once). Here are some resources: Depending on the size and industry of your business, the average rebranding initiative can cost anywhere from $1,000 to more than $50,000, according to Forbes. These costs can easily double if your campaign is not successful. It`s also a good idea to do a domain name search.
Check if the preferred domain name and social descriptors are available for your new business name. Updating systems and ordering new materials is not only expensive, but can also set you back weeks or even months. Before changing your name, try to identify the areas that will be affected and develop a clear plan. Even an oversight can have far-reaching effects. It`s almost time to share your new business name with the world! Before you start sharing the news with your customers and updating commercial signs accordingly, it`s important to meet with a lawyer first. If not, check with an accredited registrar to see if the domain name is available.
